LSI Industries raises revolver to $100 million, extends to 2026

New York, April 1 – LSI Industries Inc. increased its revolving credit facility to $100 million from $75 million and extended the maturity to March 2026 from February 2022, according to an 8-K filing with the Securities and Exchange Commission.

The amendment to the facility also changed the interest rate and the interest coverage ratio provision.

Borrowings are now at a rate of Libor plus 100 basis points to Libor plus 200 bps, depending on the leverage ratio. The facility fee ranges from 15 bps to 22.5 bps, also depending on the leverage ratio. Previously the rate was Libor plus 125 bps to Libor plus 250 bps with an unused fee of 20 bps.

LSI is now required to maintain a ratio of at least 4.0 to 1.0 for the consolidated EBITDA to consolidated interest expense, calculated at the end of each fiscal quarter on a rolling four quarters basis.

The amendment, the fifth to the revolver, was effective on Tuesday.

Proceeds may be used for general corporate purposes.

PNC Bank, NA is the lender.

LSI Industries is a Cincinnati-based manufacturer of indoor and outdoor lighting and graphics solutions.

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